N.Y. Real Prop. Tax Law § 485-d

§ 485-d. Water-works corporations. Real property situated in a city\nwith a population of one million or more owned by a water-works\ncorporation subject to the provisions of the public service law and used\nexclusively for the sale, furnishing and distribution of water for\ndomestic, commercial and public purposes, shall be wholly or partially\nexempt from taxation provided that the local legislative body of such\ncity within which such property is situated adopts a local law so\nproviding.\n